ADO Den Haag must receive two million euros from the Chinese owner United Vansen (UVS), the court in The Hague has determined. Broadcaster West reports that on top of this amount there are also ‘extra costs such as interest and legal costs’. The Chinese can still appeal against the ruling and in that case everything will be ‘suspended for weeks’. At the same time, ADO announces that it wants to seize the shares of UVS.
The dispute between ADO and UVS turned according to Football International about the so-called liquidity guarantee, whereby, according to the regulations of the license commission, every major shareholder must guarantee the shortages of a club at the start of the season. UVS should therefore guarantee the deficits of ADO, which currently amount to approximately two million euros. The judge considered it plausible that there was indeed an agreement and that UVS had been negligent by allowing several periods to expire.
The summary proceedings were filed last Thursday and it became clear that ADO would go bankrupt without the two million euros from China. Payments were still possible until April 25, but after that the money would run out. “ADO Den Haag is satisfied with the decision of the preliminary relief judge, but regrets that it had to come to this,” ADO writes on its website. “As a next step, the club will have the shares of United Vansen seized. The current financial situation requires a solution in the very short term. This is being worked on along several lines. ”
“Early next week, ADO Den Haag expects to make further announcements,” ADO concludes its message on the official channels. According to the latest reports, negotiations are currently underway with World Soccer Holdings, but UVS wants to see 2.1 million euros from the American party as soon as possible. This would be tricky, making a quick takeover questionable at this point.
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